Abuja - The Central Bank of Nigeria has revealed that about $20bn (N3.94tn) was lying idle in different domiciliary accounts of the Nigerians.
The Deputy Governor, Financial System Surveillance, CBN, Dr. Joseph Nnana, stated this during a meeting of the Joint Appropriation Committees of the National Assembly with government officials on the 2016 budget.
He alleged that some privileged Nigerians were behind the consistent slide in the value of the naira by embarking on dollar speculation to the detriment of the local currency.
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The CBN deputy governor, however, expressed the hope that the passage of the 2016 budget would put a stop to the unrestrained drop in the value of the naira.
He said the CBN will embark on aggressive liquidity mop-up to enable the naira regain confidence.
The Minister of Finance, Kemi Adeosun, told the gathering that the amount in the Treasury Single Account had risen to N2.9tn.
Adeosun explained that the money in the TSA was not meant to fund the budget contrary to a general impression.
- News 24